UKRAINE: 13 insurers left the market in January-September2018

According to the National financial services committee of Ukraine, in order to remove unreliable players from the financial market, 126 organizations, including 13 insurance companies, were removed during January-September, as the member of the Committee, Aleksander ZALETOV informed.

However, against the reduction of the financial non-banking organizations, capitalization of the market significantly increased. As of the end of September assets and equity of nonbanking market participants exceeded UAH 187.4 billion and UAH 57.5 billion accordingly. Assets of insurers during the mentioned period went up by UAH 2.7 billion (+4.7% y-o-y), insurance reserves increased by UAH 3 billion (+13.8%).

Retail and corporate insurance in January-September 2018 demonstrated strong growth. GWP from individuals went up by 20.5% y-o-y, and GWP from legal entities - by 5.9%. Paid claims to individuals also increased - by 20.2%, and to legal entities - by 16.3%, Foinsurer wrote.

GWP of Ukrainian insurers (MTIBU members) in January this year went up by 12.3% to UAH 318.8 million (~EUR 10 million) y-o-y. However, total number of agreements in January decreased by 0.05%, as Foninsurer wrote.

According to the National Financial Services Committee, the number of complaints regarding insurance activities in 2018 remained almost unchanged (5381 vs 5389 in 2017). At that the major part (63%) of the complaints were about MTPL, as Forinsurer wrote.

For 9 months in 2018 Ukrainian insurers generated GWP in the amount of UAH 34.87 billion (~EUR 1 billion). At that annual growth rate in local currency amounted to 11.1%, according to the data, published by the National Financial Services Commission.

According to the National financial services committee of Ukraine, as the moment only 20% of the local insurers fully meet obligatory requirements to capital adequacy and solvency, liquidity and profitability, asset quality and riskiness of insurers' operations.

On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.

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